Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Specialized Housing did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of West Bergen Specialized Housing, Inc., HUD Project No. 031-HD145, under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of West Bergen Specialized Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of West Bergen Specialized Housing, Inc.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Specialized Housing did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2023, Specialized Housing did not provide funds relating to their programs to subrecipients.
Title: HUD CAPITAL ADVANCE PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Specialized Housing did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
West Bergen Specialized Housing, Inc. has received a HUD capital advance loan under Section 811 of the National Affordable Housing Act of 1990. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. West Bergen Specialized Housing, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2023 consists of the following: Assistance Listing Number Program Name Outstanding Balance
14.181 Section 811
Capital Advance (Loan) $ 1,512,000